Gold Weekly Technical Report 27-31/5/2013

Gold has been consolidating for the past week or so, pushing gradually higher towards 1400.00 key short term resistance level, a break above 1400.00 and the descending resistance for the latest bearish wave should signal a move higher within the overall sideways range(1320.00-1485.00)targeting 1445.00-1448.00 as an initial upside target. We have a bullish bias towards gold this week; however, prefer to wait for a confirmation through breaking 1400.00.

** Short term (Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.